Extraordinary Genius

Chapter 1152 – Payment software

“We must not agree with Feng Yu’s terms. Once we allow their payment software to link to our banks, we will not know the users’ transactions. All we can see is what the mobile payment platform gives us!”

“You are saying we don’t agree to Feng Yu?! What if other banks agree to work with him?”

“We can gather the other banks and demand all of us to invest in this mobile payment platform!”

“Let’s not talk about if other banks will agree or not. Do you think Feng will be easily threatened?”

“Then tell me what should we do?! Are we going to give up this profit to Feng Yu?! All of you should know the value of these data. Are you all willing to let Feng take advantage of us?”

“Let me ask you. Even Paypal is owned by Feng. What if this mobile payment platform doesn’t want to work with us?”

“Isn’t that better? Their online transactions must go through our payment software.”

......

The four banks’ representatives argued over this matter, and no one can convince each other. Some of them want to agree to Feng Yu’s condition, as they will have an opportunity to invest in his mobile payment platform in the future. Some disagree unless Feng Yu agrees to their terms.

But all of them know many of their customers own more than one bank account. If these banks go on separate ways, they will become competitors with each other.

Although these four banks had maintained the same transaction fees, no one can guarantee them to lower their charges to snatch customers.

Most consumers will not switch to another bank once they are used to a bank’s payment software.

More importantly, the banks must approach all the major eCommerce companies to use their payment software. It will become a battle of payment software.

Wait. The banks’ representatives suddenly had an idea. Why don’t they develop payment software themselves?

If Feng Yu can develop third-party payment software, these four banks can also develop one too. Furthermore, they have cooperation with all the companies, and they can easily promote their software.

The representatives believe they can get the support of other banks, but doing this will tie the interests of all the banks together. They still need to discuss how to split the profits.

......

“What did you say? They agree?! They are willing to work with our Paypal and mobile payment platform?!” Feng Yu is surprised to hear those banks agreed to his demands.

Feng Yu had approached a few other banks, including HSBC and a few other top banks, and Feng Yu had not expected those four banks to agree to him so quickly.

“What do they want in return?” Feng Yu thought for a while and knew these banks must want something in return.

“They say they want to invest directly in Amazon and wants the same conditions as the Fu Family.”

Feng Yu nodded. “Ok. This is worth considering. What else?”

“They also want to be allowed to invest in our mobile payment platform and Paypal in the future. But the timeline cannot be too long. They felt ten years is just nice.” Ralph continued.

Ten years? The mobile payment platform and Paypal will be stable in ten years. These banks are quite smart.

In ten years, everyone will know how profitable Feng Yu’s mobile payment platform and Paypal are, and people will be queuing up from Seattle to New York to invest in it.

But this is only a promise, and Feng Yu can agree to it. Feng Yu will never go back on his words, but he promised to let those banks invest and did not say how many shares he will sell to them. 1% is a lot. Hmmm... the maximum is 2%, and it is to be shared by the four banks.

“What else?”

“That’s all.”

Feng Yu was stunned. This is impossible. They had rejected us outright, and now they are demanding so few conditions?

“Boss, they had only wanted these conditions and nothing else.” Ralph quickly said when he saw the puzzled look on Feng Yu’s face.

Ralph also finds it weird as those four banks had been firm when rejecting Feng Yu. But now, their attitude changed suddenly. This is too weird.

The bankers do not need to do this if their reasons are to get Amazon’s shares at lower prices. They already knew the mobile payment platform’s threat to them, yet they still agree to Feng Yu’s terms? Are they willing to let Feng Yu’s mobile payment platform to become more powerful?

Feng Yu lowered his head, thinking of the reasons why those four big banks are willing to bow down to him. Feng Yu and Kirilenko had approached and negotiated with several other banks on their cooperation. They promised those banks they will keep at least a certain amount in their banks if they cooperate.

But this reason is not enough to make those four big banks to give in. There must be some unknown reasons for them to agree!

Feng Yu asked Ralph to find out the real reason behind those banks’ decisions and let Ralph test those banks again by telling them that Amazon’s share prices will remain the same and see if those banks are willing to agree to it.

Although it might seem fine without these four banks, these four banks have lots of clients. Cooperating with them can increase the mobile payment platform’s users. It will be beneficial to Feng Yu if the deal goes through.

If these four banks rejected Feng Yu’s mobile payment platform, other banks might also refuse to cooperate with Feng Yu. This will affect the mobile payment platform’s development.

If the four banks cooperate with Feng Yu, it will be a win-win situation for both parties. But Feng Yu stands to gain more. But if they refuse to cooperate, both parties will lose!

The four banks chose to cooperate now, and everything seems fine. However, Feng Yu is suspicious of their decision, as to how can they agree so easily?

Two days later, Ralph called and told Feng Yu. Those banks had entered a joint venture and had engaged Microsoft to develop a payment software for them. This software will allow all banks to have access.

Feng Yu is shocked. This is equivalent to setting up a bank alliance. That means all the banks’ clients will be using this software to make online transactions, and they don’t need to download payment software from different banks.

But Feng Yu noticed a major flaw in this software. This bank alliance is different from China’s banks’ alliance. China banks are managed by the government, and this bank alliance is managed by corporations. It will be extremely hard for them to reach a balance when it comes to profits. All these corporations will fight for more profits.

This software will be supporting so many banks, and there will surely be charges.

The popularity of payment software or a mobile payment platform is not only about customer service. Another important factor is the number of companies using the software. Let us show these banks who can get more users for the software!

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